5 Reasons Your Short Sales Will NEVER Close
Editors Note: When negotiating a short sale (as in a foreclosure) you are dealing with a bank who has zero emotional attachment to the transaction and could care less whether you buy it (if you are the buyer) or if you sell it (if you are the seller) the bank is simply looking at the loss ratios and whether the loss will be greater or lesser depending on if they foreclose or not. Believe it or not, sometimes even though the house is sold for less at foreclosure, the loss is less because a PMI claim can be made only when foreclosed.
There is a right way and a wrong way to handle a short sale as a real estate broker. The right way leads to success but requires a significant amount of work which involves among many other things, educating the home sellers, staying in constant contact with the right people at the bank…and never giving up. Only the true professionals will embrace the “do what it takes” attitude to stay focused on helping the home seller and ensure this type of transaction closes. I certainly agree that personal experience is the best teacher!
Marc Iafrate, MBA
Capital City Real Estate Group – Keller Williams Realty
(919) 886-7355